Put succession planning at the top of your New Year’s Resolutions list

Originally published in the Press & Journal and The Courier

As 2025 draws to an end many will be reflecting on the past year and looking ahead with excitement for what 2026 may hold.

For some, however, this time of year might bring to the surface concerns around unresolved succession planning and questions about whether 2026 will be the year to tackle the issue head on.

Often the start of a new year brings us a surge in the number of approaches for succession planning advice, or advice in contentious business exit situations.

But pressing go on succession planning, or exiting a family business, is not a quick or straightforward process, particularly if people anticipate that discussions will be contentious in nature.

When approaching these situations there are a number of things we always encourage and recommend clients to consider.

1) Building your team

Agricultural businesses can be complex and multi-faceted. Income is often not derived solely from the core farming activity alone but now also comes from renewable energy enterprises, holiday lets and other forms of business diversification. Efficiently passing these on or buying out other partners in the business requires comprehensive advice from multiple sources, including lawyers, tax advisers and bank managers, to name but a few.

Building the right team of advisors early on is critical to ensure that joined up, well-thought-out plans are prepared.

2) A helping hand to get discussions going

Often just getting the discussions going can be one of the biggest barriers to dealing with an exit or succession planning. It might be that everyone agrees that something needs to be done, but no one wants to be the one to step forward and say it for fear of falling out. There are lots of ways this can be overcome, both when matters are contentious or when parties simply need someone to help facilitate the discussion, such as through mediation.

3) Write it down

Sometimes professional advice on exiting a business or succession planning will only be sought after the event, when what was discussed and agreed has been reneged upon – or, in the worst-case scenario, not reflected in the will. In cases where the will contradicts what had been previously discussed, it can be particularly difficult for the disappointed party, who may have arranged their life and business affairs around a belief as to how succession was intended to occur.

It’s vital then to take advice as soon as you have agreed something, and ensure it is properly documented and recorded between the parties so it can be legally enforced in future if required.

4) It’s never too early to start the discussion

We often find that when clients first make an approach for advice they are almost apologetic about doing so, worried they are seeking advice for no reason as they haven’t yet spoken to the others in the business or matters have not led to a fall-out. When succession planning or an exit is involved, the golden rule is that it is never too early to seek advice.

Even if that advice is an initial steer with no further involvement needed from the advisers at that stage, that’s a better place to be in than having to seek advice when a full dispute has erupted or a badly structured deal has gone through.

Your loved ones and business partners will be forever grateful for whatever groundwork you can lay to ease the transition when the time comes.